Ethereum-based decentralized exchange Uniswap continues to amaze the cryptocurrency space with its unprecedented growth.
According to Dune Analytics data shared by its co-founder Hayden Adams, the burgeoning DEX has now surpassed $10 bln in all-time trading volume.
Uniswap eclipses Coinbase
Uniswap logged $6.4 bln worth of trading volume in August alone, dwarfing all other DEXes.
Curve, a DEX for trading stablecoins whose launch date and team members remain unknown, comes in a distant second place with $1.8 bln. Balancer recorded $1.1 bln worth of volume this month.
The volumes of order book-based exchanges in the likes of 0x and IDEX are just a drop in the bucket compared to those DEXes that rely on (AMMs).
On Aug. 30, Uniswap surpassed Coinbase Pro, America’s largest centralized exchange, in terms of the total trading volume.
A loose listing policy
Traders are flocking to Uniswap in droves in order to trade DeFi tokens, fishing for the next gem with stellar returns.
The exchange is particularly notable for its laissez-faire listing policy. While centralized exchanges have to go a very rigorous vetting process before adding a certain token, it only takes a listing request on Github to end up on Uniswap.
As a result, Uniswap became inundated with worthless tokens and outrights scams.
Automated crypto trading platform Stacked recently alerted Uniswap users about its fake token being listed on the DEX:
“We recently were alerted that a fake Stacked token was listed on @UniswapProtocol. Stacked is not tokenized and not listed anywhere for purchase. We have contacted the Uniswap team in order to have this removed from their DEX ASAP.”